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[...] This evolution leads European authorities to update the regulatory framework in the banking and financial sector. 1.1.2. Evolution of European Regulatory Initiatives Over the past decade, regulation on the disclosure of environmental, social and governance (ESG) information by companies has undergone a major evolution. Regulators and policymakers, particularly in Europe, have progressively strengthened transparency obligations in the area of bank sustainability, in order to guide financial flows towards more responsible investments. (Crespi & Migliavacca, 2020). The European Union introduced in 2014 the Non-Financial Reporting Directive (NFRD) (Directive 2014/95/EU), an amendment to the accounting directive 2013/34/EU, requiring certain companies to publish extra-financial information. [...]
[...] In addition, the introduction of mandatory audit of ESG data ensures independent and credible verification of the published information, which increases investor confidence and limits the risk of greenwashing. (Commission Delegated Regulation 2023/2772 of 31 July 2023,. The progressive application of the CSRD requires banks to adapt quickly. From 2024, major financial institutions will have to comply with these new requirements, followed in 2025 and 2026 by other companies, including listed SMEs. (AMF, 2024). This progressive deployment involves a transformation of internal processes, requiring significant investments in training, data collection tools, and technological infrastructure. The principle of double materiality becomes a central element of bank internal control. [...]
[...] This standard is based on seven fundamental principles : - Governance of the organization - Human Rights - Relations and working conditions - Environment - Loyalty of practices - Consumer-related questions - Community Development and Social Engagement The ISO 26000 thus encourages companies, including banks, to adopt a more ethical and sustainable approach in their activities. It is a key reference for the integration of ESG criteria in the financial sector. As a result, the concept of Triple Bottom Line introduced by John Elkington in 1998, proposes an expanded approach to corporate performance, taking into account three dimensions: economic, social, and environmental. [...]
[...] (2024). Directive 2022/2464 of 14 December 2022 (CSRD Directive). Official Journal of the EU of 16 December 2022 applicable as from 1 January 2024. Vander Bauwhede, H., & Van Cauwenberge, P. (2022). Determinants and Value Relevance of Voluntary Assurance of Sustainability Reports in a Mandatory Reporting Context: Evidence from Europe. Sustainability DOI: 10.3390/su14159795. Viard, V. (2022). State of play of the European Union's sustainability reporting project. DOI : 10.3917/accra.0014.0027. [...]
[...] The Financial Impact of the Corporate Sustainability Reporting Directive (CSRD) on Shareholder Value in the European Union: An Event Study. Utrecht University. Heem, G. (2003). Banking Convention and Internal Control. M. Amblard, P. Gensse. Conventions and Management Sciences, De Boeck, pp.117-137. ffhal-00423754f. Kodirjonova, N., & Kim, J. D. [...]
